Lenders deposit funds into BendDAO and receive interest payments from borrowers (supply-side fees). BendDAO has other business lines in addition, however this dashboard only tracks the BendDAO lending protocol.

BendDAO is a non-custodial NFT lending protocol built on Ethereum. BendDAO was founded by an anonymous team and launched in 2021.

BEND tokenholders own and govern the protocol. They currently take a cut of the total interest paid by borrowers (revenue).

governance

github

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discord

etherscan

website

Lending

BendDAO

# BendDAO Expenses Methodology

## 1. Overview

BendDAO expenses represents the total USD value of BEND token rewards distributed to users as incentives, measured daily. This metric captures the protocol's operational expense related to token-based user incentives in their lending platform. The calculation aggregates all BEND token reward claims from the protocol's incentive system and converts them to USD values to provide a standardized measure of the protocol's token incentive costs.

## 2. Data sources

- **Blockchain events**: Parsed Ethereum `RewardsClaimed` events from the BendProtocolIncentivesController smart contract, which record when users claim BEND token rewards
- **Token metadata**: BEND token contract information including the token address `0x0d02755a5700414b26ff040e1de35d337df56218` and symbol
- **External data**: End-of-day price feeds for BEND token to enable USD conversion

## 3. Step-by-step calculation

### Component A: Raw reward extraction
- **Purpose**: Extract all BEND token reward claims from the BendDAO incentive system
- **Logic**: Parse `RewardsClaimed` events from the BendProtocolIncentivesController contract on Ethereum. Extract the reward `amount` from each event log along with transaction metadata including block timestamp, transaction hash, and log index. Filter for events specifically related to BEND token rewards using the hardcoded token address.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for unique identification, `amount` containing the raw BEND token reward quantity

### Component B: Token incentive processing
- **Purpose**: Process raw reward claims into structured daily token incentive data
- **Logic**: Group reward claims by day using timestamp truncation to daily boundaries. Aggregate total BEND token amounts claimed per day. Apply business classification by setting business line as "Lending", market sector as "lending", and version as "v1". Structure the data with proper chain identification as "ethereum" and include token metadata.
- **Key fields**: `timestamp` truncated to day, `token_incentives` as the aggregated daily BEND token amount, business classification fields, `token_address` and `token_symbol` for token identification

### Component C: USD conversion and finalization
- **Purpose**: Convert BEND token amounts to USD and apply final data processing
- **Logic**: Apply decimal correction to convert raw token amounts from wei units to standard BEND token units (18 decimal places). Convert daily BEND token totals to USD using end-of-day price feeds matched by date and token. Apply gap filling strategy to ensure no missing days in the time series by filling gaps with zero values. Validate data schema and apply chain availability filters.
- **Key fields**: `token_incentives` converted to USD, `timestamp` for daily aggregation, `chain_id` for chain filtering

### Final aggregation
- **Combining components**: The final expenses metric directly uses the processed token incentives from the USD conversion step, simply renaming the `token_incentives` field to `expenses`
- **Currency conversion**: BEND token amounts are converted to USD using end-of-day price feeds, with proper decimal adjustment from 18-decimal wei units to standard token units before price multiplication
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, with gap filling applied to ensure continuous daily time series
- **Final calculation**: The final expenses value equals the total USD value of all BEND token rewards claimed on each day, representing the protocol's daily token incentive expenses

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total project operating and incentive expenses.

BendDAOBEND

Expenses

Expenses

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